Insurer and reinsurer XL Catlin has increased its global property insurance capacity by 25% to $500 million, and which the company says is available on a quota share or layered basis.
The 25% capacity extension enables the re/insurer to address more of its domestic and international property insurance needs, as clients increasingly seek greater insurance protection in response to greater threats from natural catastrophes, and higher property values in some parts of the world, among other factors.
Commenting on the extension to $500 million Tim McMahon, XL Catlin’s Chief Underwriting Officer (CUO), Global Property, Insurance said; “Globally, our clients’ property assets are critical to their operations and as technology progresses and insurable values continue to increase our coverage needs to reflect that advance, across the globe.”
While CUO, International Property at the firm, Ian France, said; “In today’s global business environment we want to make sure our clients have access to the right capacity wherever they may need it. Serving clients in over 200 countries, we believe this additional capacity reflects our ongoing commitment to our clients.”
Michele Sansone, President of XL Catlin’s North America Property business, added; “In the US and Canada, increasing property values, more investment activity in industrial and commercial property, and added concern about natural catastrophe exposures are prompting our clients to seek more insurance protection. Our new limit allows us to readily address our clients’ requests for higher limits from a team they trust.”
“Our underwriters, property risk engineers and claims specialists have built a strong market reputation, particularly for their collaborative, hands-on approach in helping our clients’ protect their high risk properties.”